Insurer Fubon Life Insurance in Taiwan supports the efforts of Highfields Capital to the shareholders of the Dutch Delta Lloyd on an issue of € 650 million through the courts block.
Both sides have a block of shares in Delta Lloyd and resist dilution thereof as a result of emissions.
Monday 14 March is the case Highfields has filed against Delta Lloyd at the Enterprise Chamber of the Amsterdam Court.
Fubon find with Highfields Delta Lloyd shareholders ‘inconsistent and incomplete information “provided in the run-up to the shareholders’ meeting of 16th March. As Delta Lloyd asks permission to issue for € 650 million in new shares.
The insurer will pick up the money to its capital – the main measure of financial soundness – to increase to 170%. .
Initially wanted to collect the insurance company € 1 billion new shares. There was broad opposition. Delta Lloyd then lowered the target for the issue to € 650 million.
Delta Lloyd is its stake in the bank Van Lanschot reduce by a mini-IPO, as the FD reported earlier. That, plus a few other management actions such as adjusting the investment portfolio, the capital should be 20 percentage points uppercuts. The emission is good for another 25 percentage points.
But Highfields and now also Fubon find that an issue is not necessary. In other measures, such as adjusting the asset mix of the insurer’s solvency would increase sufficiently. Highfields would have a 9% of the shares in Delta Lloyd and Fubon 5%.
No comments:
Post a Comment